| Pacaso | |
| Type: | Private |
| Industry: | Real estate |
| Hq Location City: | San Francisco, California |
| Hq Location Country: | United States |
| Key People: | Austin Allison, Spencer Rascoff |
| Num Employees: | 200+[1] |
| Website: | pacaso.com |
Pacaso is a property broker that buys single-family homes and sells them to consortiums of buyers.[2] [3] The San Francisco–based company claims it reached unicorn status faster than any other USA-based company.[4] [2] [3]
Austin Allison and Spencer Rascoff, ex-Zillow executives, co-founded the start-up in October 2020[4] in Silicon Valley, California.[5]
Pacaso’s valuation rose to $1.5 billion in September 2021 following a $125 million funding round led by SoftBank Group.[6] Other investors include Greycroft Partners and Global Founders Capital.[2] Pacaso is reported to have separately obtained $1 billion in debt financing.[2]
As of March 2022, the company is active in nearly 50 markets in the U.S., Spain, the U.K., and Mexico.[7] [8] [9]
Pacaso operates by purchasing residential properties and then selling shares of the home to up to eight buyers.[5] The company reports earning a twelve percent service fee on the sale of a share in addition to an ongoing monthly asset-management fee.[2]
The organization claims that its model differs from the traditional timeshare model because purchases count as real estate acquisitions and appreciate in value.[5] Buyers can sell their share after 12 months of ownership.[3]
Pacaso's business model has been criticized as a way around timeshare laws in California.[10] The company had to sell a house it had purchased in Napa after community opposition.[11]